DXY Reverse H&S and Trend Channel Breakout as BTC Loses $45k
After the ETF hype and $48.5k Golden Pocket selling pressure...
The DXY has been consolidating sideways, technically breaking it's downward trending channel.
As of today, Bitcoin has lost the $45k support level and heading lower towards $38k - $40k.
Fueling the selloff were hotter than expected CPI and inflation data, and the realization that the new approved ETF's were not immediately deploying their bags en masse into the spot market.
A big question remains...
Will most of the money flowing into institutional ETF's lead toward higher spot Bitcion prices directly from buying in the open market, or will most of this happen OTC, and not push retail prices higher.
This remains to be seen.
Regardless, Bitcion has been on a tear since the September relative lows and hitting the upper range of it's upward sloping trend channel. To sustain a larger rally later, and to sustain the strength to break past old highs, and past the proverbial '$100k Bitcoin' level and beyond..
A pullback to $38k support would make sense, which would be roughly a 20% pullback from the recent highs and which we've seen 2x before this year.
However, a deeper 33% correction to retest the $32k support / resistance level is also in the cards, and would present an excellent DCA buying level to re-accumulate Bitcoin.
What do you think?
The DXY has been consolidating sideways, technically breaking it's downward trending channel.
As of today, Bitcoin has lost the $45k support level and heading lower towards $38k - $40k.
Fueling the selloff were hotter than expected CPI and inflation data, and the realization that the new approved ETF's were not immediately deploying their bags en masse into the spot market.
A big question remains...
Will most of the money flowing into institutional ETF's lead toward higher spot Bitcion prices directly from buying in the open market, or will most of this happen OTC, and not push retail prices higher.
This remains to be seen.
Regardless, Bitcion has been on a tear since the September relative lows and hitting the upper range of it's upward sloping trend channel. To sustain a larger rally later, and to sustain the strength to break past old highs, and past the proverbial '$100k Bitcoin' level and beyond..
A pullback to $38k support would make sense, which would be roughly a 20% pullback from the recent highs and which we've seen 2x before this year.
However, a deeper 33% correction to retest the $32k support / resistance level is also in the cards, and would present an excellent DCA buying level to re-accumulate Bitcoin.
What do you think?
23-year investor, trader, and early investor in Bitcoin & crypto.
For more information visit:
Moonstream Crypto: www.Moonstream.io/M3
Custom Indicators: www.CryptoMastery.org
Blood in the Streets Report:
www.moonstream.io/report
For more information visit:
Moonstream Crypto: www.Moonstream.io/M3
Custom Indicators: www.CryptoMastery.org
Blood in the Streets Report:
www.moonstream.io/report
